Avent Inc. net income more than doubles

SteveGelsi

NEW YORK (MarketWatch) -- Avnet Inc.
AVT, -0.28%
said first-quarter net income for the three months ended Sept. 30 more than doubled to $64.1 million, or 44 cents a share, from $24.9 million, or 17 cents a share in the year-ago period. Adjusted net income rose to $82.2 million, or 56 cents a share, from $42 million, or 29 cents a share in the year-ago period. Revenue rose 11.6% to $3.65 billion. Analysts surveyed by Thomson First Call forecast earnings of 52 cents a share and revenue of $3.56 billion, on average. The Phoenix-based electronics distributor said it expects second-quarter net income of 58-64 cents a share, including 2 cents a share in options expense. Analysts are expecting earnings of 55 cents a share.

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